Acceptable Letter of Credit Provider definition

Acceptable Letter of Credit Provider means a financial institution rated at all times, as to its senior unsecured unsubordinated indebtedness, at least Baa1 by Moody’s and at least BBB+ by S&P.
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Acceptable Letter of Credit Provider means a financial institution (A) with senior long-term unsecured and unguaranteed debt rated A3 or higher by Xxxxx'x or A- or higher by S&P, (B) the obligations of which are guaranteed by an entity with senior long-term unsecured and unguaranteed debt rated A3 or higher by Xxxxx'x or A- or higher by S&P or (C) whose letter of credit is confirmed by an entity with senior long-term unsecured and unguaranteed debt rated A3 or higher by Xxxxx'x or A- or higher by S&P.
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Acceptable Letter of Credit Provider has the meaning given to such term in the Depositary Agreement.
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Examples of Acceptable Letter of Credit Provider in a sentence

  • On or prior to the Execution Date, Sxxx shall provide to Covert and Harquahala, as joint beneficiaries thereof, an irrevocable, on-demand letter of credit in the face amount of $32,500,000, substantially in the form attached hereto as Attachment A, and otherwise in form and substance satisfactory to the Administrative Agent in its sole discretion (the “Sxxx Letter of Credit”) issued by an Acceptable Letter of Credit Provider (as defined herein).

  • MOTION made by Supervisor Meckes, Second by Supervisor Holland to APPROVE the change order for the use of the Strata Sleeve-It System for the fence post at the Transfer Station, total$3,200.00.

  • If at any time the issuer of the Sxxx Letter of Credit no longer qualifies as an Acceptable Letter of Credit Provider (as defined herein), Sxxx shall, within five (5) Business Day (as defined herein) of the occurrence of such event, replace the Sxxx Letter of Credit so provided with a Sxxx Letter of Credit satisfactory to the Administrative Agent in its sole discretion and issued by a new Acceptable Letter of Credit Provider (as defined herein).

  • Any Lender (or an Affiliate of a Lender) may become a DSR LC Issuing Bank at any time by written agreement between the Borrower, the Administrative Agent, and such Lender; provided that such Person shall be an Acceptable Letter of Credit Provider if it will be a DSR LC Issuing Bank.


More Definitions of Acceptable Letter of Credit Provider

Acceptable Letter of Credit Provider means a financial institution rated at all times, as to its senior unsecured unsubordinated indebtedness, at least Baa1 by Xxxxx’x and at least BBB+ by S&P.
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Acceptable Letter of Credit Provider means a bank or trust company with a combined capital and surplus of at least $10,000,000,000 whose long-term unsecured senior debt or issuer rating is rated at least “A” by Standard and Poor’s Corporation or at least “A2” by Mxxxx’x and who is otherwise reasonably acceptable to the Administrative Agent, Harquahala and Covert.
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Related to Acceptable Letter of Credit Provider

  • Acceptable Letter of Credit means a standby letter of credit, issued by a bank or financial institution acceptable to Bank in its Permitted Discretion, in form and substance satisfactory to Bank in its Permitted Discretion, in an amount equal to 105% of the Letter of Credit Usage, naming Bank as beneficiary to reimburse payments of drafts drawn under outstanding Letters of Credit.

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

  • Credit Provider means a Person providing a guaranty, or other credit support, in form and substance reasonably acceptable to the Administrative Agent, of the obligations of an Included Investor to make Investor Capital Contributions.

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the Borrowers' obligations to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • Irrevocable Letter of Credit means an irrevocable letter on the financial institution’s standard form containing a request that the party to whom it is addressed pay the bearer or a person named therein money as a result of failure to perform or fulfill all the covenants, undertakings, terms, conditions and agreements contained in a contract.

  • Trade Letter of Credit means any Letter of Credit that is issued under the Letter of Credit Facility for the benefit of a supplier of inventory to the Borrower or any of its Subsidiaries to effect payment for such Inventory.

  • Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

  • Fronted Letter of Credit means a standby Letter of Credit issued by an Issuing Lender having an L/C Fronting Commitment in which each Lender purchases a risk participation pursuant to Section 3.4.

  • Commercial Letter of Credit means any letter of credit or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Company or any of its Subsidiaries in the ordinary course of business of Company or such Subsidiary.

  • Facility Letter of Credit means a Letter of Credit issued hereunder.

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

  • U.S. Letter of Credit means any Letter of Credit issued hereunder for the purpose of providing credit support for any U.S. Borrower, any Domestic Subsidiary or any Foreign Subsidiary.

  • Supporting Letter of Credit has the meaning specified in Section 2.3(g).

  • Letter of Credit Request shall have the meaning provided in Section 2.03(a).

  • Letter of Credit Payment means any amount paid or required to be paid by the Issuing Lender in its capacity hereunder as issuer of a Letter of Credit as a result of a draft or other demand for payment under any Letter of Credit.

  • Servicer Letter of Credit means a letter of credit, surety bond or insurance policy issued by a depository institution, insurance company, or financial institution having a short-term credit rating at least equal to the Required Deposit Rating and providing that the Indenture Trustee or Trust Agent, as the case may be, may draw thereupon in the event the Servicer satisfies the Monthly Remittance Condition but fails to deposit SUBI Collections into the 2019-B SUBI Collection Account by the related Deposit Date.

  • Canadian Letter of Credit means any letter of credit issued by the Canadian Lender pursuant to Section 2.03. A Canadian Letter of Credit may be a commercial letter of credit or a standby letter of credit. No Letter of Credit shall be or become a Canadian Letter of Credit.

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.

  • Request for Letter of Credit means a written request for a Letter of Credit substantially in the form of Exhibit H, signed by a Responsible Official of Borrower, and properly completed to provide all information required to be included therein.

  • Letter of Credit Account means the account established by the Borrower under the sole and exclusive control of the Administrative Agent maintained at the office of the Administrative Agent at 200 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 designated as the “Delphi Letter of Credit Account” that shall be used solely for the purposes set forth herein.

  • Letter of Credit Facility means, at any time, an amount equal to the amount of the Issuing Bank's Letter of Credit Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

  • Standby Letter of Credit Agreement means the Standby Letter of Credit Agreement relating to the issuance of a Standby Letter of Credit in the form from time to time in use by the L/C Issuer.

  • Standard Letter of Credit Practice means, for Issuing Bank, any domestic or foreign law or letter of credit practices applicable in the city in which Issuing Bank issued the applicable Letter of Credit or, for its branch or correspondent, such laws and practices applicable in the city in which it has advised, confirmed or negotiated such Letter of Credit, as the case may be, in each case, (a) which letter of credit practices are of banks that regularly issue letters of credit in the particular city, and (b) which laws or letter of credit practices are required or permitted under ISP or UCP, as chosen in the applicable Letter of Credit.

  • Letter of Credit Agreement has the meaning specified in Section 2.03(a).

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).